Middle East > Saudi Arabia > Petroleum / Mining

Petroleum / Mining in Saudi Arabia

  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.

  • Mining investment and profits reach new heights in Saudi Arabia

    SAUDI ARABIA, 2017/06/30 Increased investment in Saudi Arabia’s mining sector looks set to lift its GDP contribution significantly in the coming years, as part of an accelerating push to diversify the economy under the Vision 2030 development plan. On April 24 the governor of Makkah, Prince Khalid Al Faisal Al Saud, formally opened a new gold mine and processing plant – the Ad Duwayhi mine, owned and operated by the Saudi Arabian Mining Company (Ma’aden) – with a production capacity of 180,000 oz per year, making it the country’s major to date.

  • Saudi Energy Minister Khaled Al-Falih

    SAUDI ARABIA, 2016/09/12 Oil prices rallied on Monday by up to five % next key crude producers Russia and Saudi Arabia vowed to stabilise the market. Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak -- representing the world's two biggest oil producers -- declared they had agreed to "act together" to steady the market, on the sidelines of a G20 conference in China. In reaction, Brent North Sea crude leapt as high as $49.40 a barrel.

  • It’s time for the Saudis to become part of the oil price solution

    SAUDI ARABIA, 2016/04/15  

  • Iran-Saudi tensions affect OPEC unity

    IRAN, 2016/01/08 Escalating diplomatic tensions between Iran and Saudi Arabia have added fresh strains on OPEC's unity as the cartel grapples with a common response to rock-bottom oil prices, experts said. While it produces a third of the world's oil, the group has struggled with crude values that have tumbled some 60 % since mid-2014, falling below $40 (37 euros). Crafting a new way forward has become from presently on tougher since Saudi Arabia executed prominent Shiite cleric Nimr al-Nimr at the weekend, triggering a sectarian standoff with Iran.

  • Saudi Arabia claims oil strategy of squeezing high-cost frackers is working

    SAUDI ARABIA, 2015/05/14 Saudi Arabia is hailing the success of its oil production strategy of raising production levels to to reassert itself as the dominant force in the world oil market. The world's major crude exporter's production rose to a record high of 10.3m barrels a day in April in a bid to squeeze alternatives such as the high-cost US shale drilling. There is no sign that it plans to reverse its policy at a conference in June 2015 of the producers' cartel Organisation of Petroleum Exporting Nations (Opec) in Vienna. "There is no doubt about it, the price fall of the last several months has deterred investors away from expensive oil inclunding US shale, deep offshore and heavy oils," a Saudi official told the Financial Times in Riyadh.

  • Saudi Arabia shakes up state oil firm Aramco

    SAUDI ARABIA, 2015/05/04 Saudi Arabia's national oil company is to be separated from the oil ministry as part of a wider restructuring. The move was approved by the Supreme Economic Council, which was set up by King Salman this year to replace the Supreme Petroleum Council. The new 10-member council is headed by the King's son, Prince Mohammed bin Salman. He was appointed this week as the new deputy crown prince and is regarded as second in line to the throne.

  • Saudi Aramco signs loan deal to maintain financial flexibility

    SAUDI ARABIA, 2015/03/31 Saudi Aramco has signed a loan transaction worth $10 billion (9.2 billion euros) with 27 regional and international banks to maintain financial flexibility, the energy giant said on Monday. The national-owned firm said the initial loan is worth $7 billion in US dollars while the second is a $3-billion Islamic loan in Saudi riyals in a revolving credit agreement. This means the cash will only be taken up at the same time as the company needs it.

  • Saudi Arabia produced 10 million barrels per day (bpd)

    SAUDI ARABIA, 2014/08/21 Saudi Arabia produced 10 million barrels per day (bpd) of oil in July, up from 9.780 million bpd in June, an industry source said on Wednesday. The world's major oil exporter and OPEC heavyweight supplied a total of 9.66 million bpd to the domestic and export markets in July, the source said.

  • World needs Saudi Arabia to supply record oil as OPEC meets

    SAUDI ARABIA, 2014/06/10 OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged at the same time as the group meets this week. What really matters for markets is whether Saudi Arabia will respond to world supply shortfalls by pumping a record all of crude. Just six months ago, energy analysts predicted output from the Organization of Petroleum Exporting Nations would climb too high and Saudi Arabia needed to cut to make room for other suppliers. They changed their minds next production from Libya, Iran and Iraq failed to rebound as anticipated, and industrialized nations’ stockpiles fell to the lowest for the time of year since 2008. Saudi Arabia may need to pump a record 11 million barrels a day by December to cover the other member nations, says Energy Aspects, a consultant.
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